In a news release that came out on June 16, 2010, Fannie Mae announced relief for homeowners affected by the Gulf Coast oil spill. According to the news release, “servicers may immediately suspend or reduce mortgage payments for borrowers whose properties or income are negatively impacted by the Gulf oil spill.”
As stated by the President and CEO of Fannie Mae, Michael J. Williams, “We want to give homeowners every opportunity to weather this unprecedented disaster, including relief from their mortgage payment if that will help them get back on their feet and stay in their homes.”
Freddie Mac has also followed suit with a similar news release.
What is interesting to note is that while Fannie Mae and Freddie Mac are willing to work with homeowners, it is the decision of the servicing company as to whether or not this will be an option for borrowers. As of the date of this blog post, only Citibank has agreed to work with homeowners whose livelihood has been impacted by the Gulf Coast oil spill.
Click here to read the Fannie Mae News Release.
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